Cashback for Online Friday

As many as 18 banks and credit organisations agreed to implement a cashback policy to customers joining in Online Friday 2016 on December 2. — Photo congly.vn

HÀ NỘI – As many as 18 banks and credit organisations agreed to implement a cashback policy to customers joining in Online Friday 2016 on December 2.

Lê Đức Anh from the Việt Nam E-commerce and Information Technology Agency (VECITA) under the Ministry of Industry and Trade said under the cashback policy, banks would give people a discount into their bank accounts after buying products or services online.

Last year, the rate of card payment on Online Friday was only 4 per cent while the remaining was cash on delivery (COD). COD has caused difficulties for both delivery firms and retailers as only 1 out of 10 orders were successfully implemented. Businesses have suffered costs for goods which were not delivered to customers.

This prompted the move to call for banks’ participation in the cashback policy. The payment would bring benefits to businesses, delivery firms and customers.

Customers could get VNĐ500,000 (US$22) for a VNĐ1 million order if they pay by bank cards on Online Friday 2016, Anh said.

VECITA said the Maritime Bank and ACB have the highest rate of cashback of up to 50 per cent while Agribank, Kiên Long Bank and SCB give a 30 per cent discount.

Eximbank, NCB, VRB, BaoVietBank, HDB and MB would give 20 per cent discounts to people paying by cards. An Bình Bank and VP Bank have the discount of 10 per cent in the day. Sacombank also joined in the programme with a discount rate of 5 per cent.

SeABank gives VNĐ500,000 cashback for bills of more than VNĐ1 million.

Vietcombank would add VNĐ200,000 cashback for its local debit card for online purchases of more than VNĐ500,000 on 27 big online websites in Việt Nam such as Adayroi, Tiki, Shoptretho, Lazada and Fptshop.

The cashback will apply only on December 2.

The year’s largest e-commerce event will take place from December 1 to 4 with two main events of Online Friday at website store.onlinefriday.vn/ and Big Off in the pedestrian streets around Guom (Sword) Lake in the centre of Hà Nội.

VECITA said the organising board this year has taken solutions to prevent fraudulent promotions.

It has co-operated with price comparison websites such as Top Mốt, Websosanh and Chongiadung to help consumers compare prices of goods and services.

People could also use the iCheck app to check product information.

As of Monday, the organising board removed more than 60,000 products registering in the day as they have higher prices than the average level in the market. -- VNS